May 13, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced that it has closed the sale and financing of Park Abbey, a 111,436-square-foot, Class A office building located in Charlotte, North Carolina.
HFF marketed the portfolio on behalf of the seller, Dilweg Companies, and procured the buyer, a partnership between Foundry Commercial and Riverstone Capital Group. Additionally, HFF placed the five-year, floating-rate acquisition loan on behalf of the buyer with a life company.
Located at 4600 Park Road, Park Abbey is positioned at the nexus of Southpark, South End and Uptown Charlotte, which together offer a plentiful retail and entertainment amenity base, including the Montford entertainment district and Park Road Shopping Center. The asset also benefits from its infill location in a rapidly growing live-work-play area. Since 2013, residential units have increased by 40% within a half of a mile of Park Abbey, and an additional 1,020 units are currently under construction or proposed. Originally built in 1970, the five-story building has been institutionally maintained and most recently updated in 2008. Currently, Park Abbey is 97% leased to a diverse tenant roster, including Horizon Professional Education, Inc. and Full House Marketing.
The HFF investment advisory team representing the seller consisted of senior managing director Ryan Clutter, managing director Scot Humphrey, senior director Chris Lingerfelt and director Zack Drozda.
HFF’s debt placement team was led by senior managing director Travis Anderson, managing director Rebecca Van Reken and senior director Cory Fowler.
“Park Abbey benefits from a flourishing Park Road location and this investment opportunity was heavily pursued by local and regional investors,” Lingerfelt said. “Park Abbey’s future is bright as it will be repositioned into one of the top office buildings in the submarket.”
“Urban-infill, well-located office buildings that are favorably positioned to capture strong rents and leasing activity going forward, are sought after investments in today’s market,” Clutter added. “We witnessed this first hand as numerous groups saw the upside potential of the Park Abbey building. As Charlotte and the Carolinas continue to have strong population and job growth, we anticipate investor demand for opportunities like Park Abbey to continue to be robust.”